Report of the President of the Atlantic and North-Carolina Railroad Company

I
Doc. No. 20 ] [Ses. 1858- '9.
Ordered to be Printed.
Holden & Wilson , Printers to the State
FOURTH ANNUAL MEETING OF THE STOCKHOL-DERS
OF THE ATLANTIC & NORTH-CAROLINA.
RAILROAD COMPANY.
Pursuant to resolution of the last annual meeting, and in
accordance with published notice, the stockholders of the At-lantic
& North-Carolina Railroad Company met in the Court-house,
in the town of Newbern, on Thursday, the 24th day of
June, 1858.
The meeting was called to order by Mr. Council Wooten,
and on his motion, the Hon. M. E. Manly was called to the
Chair.
On motion of J. D. Planner, Emmet Cuthbert and George
Washington were appointed Secretaries.
On motion of J. C. Wooten,
Resolved, That a committee of three he appointed by the Chair, to ascer-tain
the number of shares represented.
J. C. Wooten, J. M. Morehead and W. K. Lane were ap-pointed
such committee, who, after due examination, reported
that there were 15,236 shares of stock represented, of which
2,301 shares were represented in person, and 12,935 by proxy,
and that there were more than ten stockholders present. Gov-ernor
Bragg was present in the meeting, and represented the
State.
The meeting was thereupon declared duly organized and
ready to proceed to business.
i2 Document No. 20. [Session
On motion of J. M. Morehead, the same committee was in-structed
to scale the votes, and ascertain and report the num-ber
of votes to which each stockholder present was entitled
under the amended charter.
Moved by E. R. Stanly, that the officers of the Company
make their reports ; whereupon, it was stated by the Presi-dent
that in consequence of the resignation and absence of
the Engineer in Chief, there would probably be no report
submitted from him at this meeting ; but that it was hoped
that his report might be obtained at an early period, and in
time for publication.*
By request, the Report of the President of the Company
was then read by one of the Secretaries.
On motion of Dr. M. F. Arendell,the meeting then adjourn-ed
to 3 o'clock, P. M.
AFTERNOON SESSION.
At 3 o'clock the stockholders met according to adjournment,
and the meeting was called to order by the Chairman.
The Report of the Finance Committee was then read by I.
Dissosway, the Chairman of the Committee.
On motion of Governor Bragg, both the reports of the Pre-sident
and Finance Committee was laid on the table tempo-rarily,
on account of the absence of certain stockholders large-ly
interested.
After the reading of the Report of the Committee of Fi-nance,
and while the meeting was awaiting the report of the
Committee instructed to scale and report the number of votes
to which the different members were entitled, the President,
Mr. John D. Whitford, intimated that he, and perhaps the
meeting, would be happy to hear some expression of opinion
from Governor Bragg, who was present representing the State,
a* to the management and condition of the road, and the af-fairs
of the Company.
This fctepon na3 since been received, und will be found in its place.
1858-'9.] Document No. 20. 3
In response, (to Mr. Whitford's intimation,) the Governor
stated that he had heard complaints as to the management of
the affairs of the Company, and especially as to the cost of the
Road, and had taken occasion to enquire somewhat into these
matters. It was true, his opportunities had not been as good
as he could have wished, but he would state that the officers
of the Company had invited him to make a full examination
of the books and accounts, and had offered to him every fa-cility
for doing so, and for obtaining the fullest information in
regard to its affairs.
After enquiring as to many matters touching the affairs of
the Company, and explanations from the officers as well as
the Finance Committee, who were present, he was satisfied
that the charges which had been made were unfounded.
It was true, that the cost of constructing the road would
reach an amount considerably in excess of the capital stock of
the Company, and also of the sum for which it was originally
estimated it could be done. But when it was remembered
that the work was carried on at a time when labor and mate-rials
were at. the very highest prices—prices, he would venture
to say, above those adopted in the estimates—and when it is
also remembered that the larger portion of the means of the
company was in State and other bonds, which could not be
sold at pa?1
, it will readily appear why the Road has exceeded
the original estimate of its cost.
Again, the Company was compelled to take the loan of
State bonds, authorized by the last Legislature, though the
terms of the loan were pretty hard, or stop the work. These
bonds, at the time, were below par. Heavy liabilities were
incurred, payable in New York, for iron, and they matured
during the worst part of the late financial storm which swept
over the country. It is well known that northern funds could
not be obtained, except in small amounts, at any price ; and
the company was compelled to sell the bonds in New York,
and raise the amount at a heavy sacrifice, or to break its word
of honor and its sacred engagements. It submitted to the loss
of the money. He trusted that the time would never come
when North-Carolinians would hesitate what to do, when
4- Document ISo. 20. [Session
money was^ in one scale, and honor and plighted faith in the
other.
The Governor further said that it was with much regret that
he saw a want of harmony of feeling between communities
more immediately interested in the Road. Such a state of
things was viewed with surprise in other sections of the State,
where this was regarded as a great State work, the beneficial
effects of which would be shared by all. It was natural that
every community should desire its own success in preference
to that of others, but he hoped that all sectional jealousies and
strife would give place to better feelings. He was sure, if
they would act together and in harmony, they would not only
secure the success of the work, but promote their own inter-ests.
Some remarks were also made by Ex-Gov. Morehead, on
the same subject, to the effect that there had been a very
general mistake as to the capital of the company being limi-ted
to $1,600,000. He insisted, and showed from the charter,
that the capital of the company had not been limited ; nor had
the Legislature, at the time the charter was granted, contem-plated
that the Road would be completed for $1,600,000 ; but,
on the contrary, had expressly provided in the 2d section of
i; Amendments," to the charter—"That the said company at
any time, may increase its capital to a sum sufficient to com-plete
said road, by opening books for new stock," &c. Such
was the provision of the 2d section, after the first section had
enacted that " the capital stock of said Atlantic and North-
Carolina Railroad Company shall be sixteen hundred thousand
dollars." The Ex-Governor also remarked upon the peculiar
character and stringency of the financial crisis through which
the construction of the road had to be carried on, and which
had been done with but comparatively little hindrance, and
no failure on the part of the Company to meet its engage-ments.
He remarked also upon the utter impossibility of ne-gotiating
the bonds without heavy sacrifice, &c.
The President also made some remarks explanatory of the
same subject, showing the great fluctuations in the price of ma-terials,
<fcc, and the difficulties unavoidably encountered in
1858-'9.] Document No. 20. 5
carrying on the work of constructing the road, with due re-gard
to the interests of the stockholders, and the engagements
of the company; and, in explanation of the general mistake
as to the cost of the road, he called attention to the difference
between the mode of construction, as first estimated by the
Engineers, embracing tressel-work and other temporary struc-tures,
and the substantial and permanent manner in which the
road had finally been built.
The President also gave the meeting an explanatory account
of the running schedule of the road, and its connections with
other roads.
Moved by Dr. Dissosway, that the committee on votes be
called upon to report. Said committee reported accordingly.
Moved by W. H. Oliver, that the reports of the President
and Finance Committee be taken off the table; and, at the
request of Ex-Gov. Morehead, the report of the Finance Com-mittee
was read a second time.
Moved by W. H. Oliver, and concurred in, that both reports
be received and adopted.
Moved by W. K. Lane, and seconded by Ex-Gov. Morehead,
that S. D. Pool, having exhibited to the meeting a transfer
from E. W. Pigott, of one share of stock, be allowed to take
his seat as a stockholder. On being put to vote, the motion
was carried.
On motion of Gov. Bragg, it was
Reeohed, Teat the Treasurer of the Company cancel the scrip for one
share of stock in this company to E. W. Pigott, and not yet delivered ; and
it appearing that the said share of stock has been transferred by said Pigott
to S. D. Pool, it is ordered, that scrip be issued to said Pool for said share,
upon his filing the transfer thereof with the Treasurer.
Moved by C. B. Wood, and carried, that the meeting pro-ceed
to elect Directors for the ensuing year, and that three tel-lers
be appointed by the Chair to superintend the election and
count the vote.
Messrs. C. B. Wood, W. G. Singleton and W. H. Oliver,
were appointed tellers.
6 Document No. 20. [Session
On the vote being counted, the Committee reported that J
D. Whitford had received 657 votes ; George Green 494 votes ;
W. P. Moore, 620 votes; and Conncil Best 504 votes. And,
it appearing that J. D. Whitford, Geo. Green, W. P. Moore,
and Council Best had received majorities of all the votes cast,
they were duly declared elected Directors on the part of the
stockholders for the ensuing year.
On motion of Dr. M. F. Arendell, and amended by Geo. S.
Stevenson,
Resolved, That the 1st by-law concerning Directors, be amended so as to
read as follows : " The Board of Directors shall meet once in every two
months. The first meeting shall take place in Newbern, and all subsequent
meetings at such places as the Board may direct; and the President shall
be at liberty to convene the Board as much oftener as the interests of the
Company may require ; and the Directors shall receive as full compensa-tion
for their services, at the rate often cents per mile travelled to and from
the place of meeting ; and seven members of said Board, including the Presi-dent,
shall constitute a quorum for the transaction of business."
The President then produced to the meeting the following
correspondence between himself and the 2nd Assistant Post
Master General, in relation to carrying the United States mails,
which was read by one of the Secretaries, as follows
:
Washington, June 12th, 1858.
Sir : During the conversation with you yesterday, relative to carrying the
United States Mail, daily, over the Atlantic & North Carolina Railroad, from
Goldsboro' to Beaufort Harbor, I understood you to say that the law did
not allow, for the service on a road classed as ours, but $50,00 per mile per
annum.
I would therefore thank you to inform me whether I am correct in my
understanding of the amount stated by you ; and, also, whether a tempo-rary
arrangement could be made for the performance of the service ? I wish
to lay the matter before our Company for further instructions.
With high respect, your obedient servant,
(Signed) JOHN D. WHITFORD.
Hon. W. H. Dundas, Second Assistant Post Master General.
1858-'9.] Document No. 20. 7
Post Ofoice Department,
(
Contract Office, June 12th 1858. \
Sir : In answer to your inquiry whether you correctly understood me, in
•our conversation of yesterday, as stating that the Department could not
allow more than $50,00 per mile, per annum, for mail service on the Atlan-tic
& North Carolina Railroad, I have to say that you did correctly so un-derstand
me. The Department cannot possibly allow more than $50,00 per
mile, on a Railroad classed as that necessarily must be.
As to a temporary arrangement, that would be inexpedient, inasmuch as
the present service would be discontinued if mails were placed on the Rail-road,
and then, in case of a failure to make a permanent contract, the De-partment
would be left without any service on that route.
Respectfully yours,
(Signed) W. H. DUNDAS, Sec. Ass't P. M. G.
John D. Whetfokd, Pres. A. &. N. G. Railroad Washington, D. ('.
The President farther stated that the Directors had instruct-ed
him to decline entering into a contract for the mail service,
at the amount offered, and requested the action of the meet-ing
upon the subject. Whereupon, on motion of A. Justice,
it was
Resolved, That the subject of contracting for carrying the mails, be left
in the control of the Directory, and that their action in the matter, so far,
be approved.
It was then moved and carried, that I. Dissosway, W. G-.
Singleton, and J. W. Carmer, be re-appointed Committee on
Finance for the ensuing year.
A motion was made by C. B. Wood, that the next annual
meeting of the stockholders be held at Newbern, to which
Dr. M. F. Arendell moved, as an amendment, that said meet-ing
be held at Beaufort, and called for the ayes and noes on
the amendment, which resulted as follows ; ayes 6, noes 34.
So the amendment was lost. The vote then recurring on the
original motion, it was decided in the affirmative.
On motion of Ex-Gov. Morehead, the thanks of the meet-ing
were tendered the Chairman and Secretaries.
On motion of Geo. Green, it was
Ordered, That three hundred copies of the proceedings of this meeting.
8 Document No. 20. [Session
together with the reports of the officers, be printed under the superinten-dence
of the Secretaries.
The Chairman, on relinquishing his seat, made a few brief
remarks, expressing his gratification, and, he had no doubt,
the gratification felt by all, at the flattering prospects of their
Road, as indicated by the reports of their officers, which had
been read. That it was a cause of much regret that there had
appeared anjT want of good feeling between different sections
on the Road; and, in conclusion, earnestly urged upon all to
drop sectional animosities, and to work together with that har-mony
of feeling, and concert of action which alone could en-sure
the desired success of our enterprise.
The meeting then adjourned, sine die.
M. E. MANLY, President.
Emmet Cuthbert, ) « ,
r, -ttt ' > secretaries.
(tEO. Washington, )
1858-'9.]' Document No. 20.
PRESIDENT'S REPORT.
Gentlemen : In submitting their fourth annual report, the
Board of Directors take pleasure in congratulating you upon
the completion of the track, from the Western terminus of the
Road at Goldsboro', to the Eastern terminus, at the City of
Morehead, on the Harbor of Beaufort.
During the past year, the work has been pressed forward
as expeditiously as the interest of the company would justify.
Early in January last the construction train, passed over the
Bridge at Neuse River, and on the 8th day of the same month,
the connection was made between the tracks of Messrs. Stan-ly
and Washington, and a passenger train ran through to
Kinston. The track was then laid with great rapidity toMose-ley
Hall, and the train on the 17th day of February, reached
that place. In anticipation of the event, notice had been
given that an Excursion train would leave Newbern and Kin-ston,
to accommodate those who wished to participate in the
celebration of the completion of the Road to that point ; and
not withstanding the inclemency of the day, several hundred
of our citizens along the line, availed themselves of the oppor-tunity
thus afforded of meeting the citizens of Mosely Hall,
and of partaking of their hospitality. After a hearty repast,
they left that thriving little village, highly gratified and pleas-ed
with the ride, and the liberal and courteous manner in
which they had been entertained. On the 20th day of April,
the Road was opened to Goldsboro'. The inhabitants of the
town of Newbern, who had been looking forward to the day,
when they should chronicle the first arrival of a train with
passengers and freight by rail from the West, announced to
the public, that the celebration in honor of the opening of the
Western division of the Atlantic & North Carolina Railroad,
would be held in that place, and a general invitation was ex-tended
to the citizens of the State, to participate with them
4-i>n n/.f.(i<:inn TVug invitfltirm was generously responded
10 Document No. 20. [Session
to. In addition to our own trains which were crowded with
citizens from the different stations on the Road, they were
honored with trains from the Wilmington & Weldon, North
Carolina, Raleigh & Gaston and Western North Carolina Rail-road,
all heavily laden—the people having turned out en masse
to join in the jubilee. Nothing occurred by accident, or other-wise,
to mar the pleasure of any, and all returned to their
homes, loud in expressions for the success of our enterprise
and the welfare of our people.
On the 19th of February, 1858, Trent River was spanned
with a Bridge, and the first crossing of the Locomotive was
announced with the roar of cannon and the huzzas of many
hundred people, who had assembled to witness the feat. The
31st day oi May, brought the tracks of Gov. Morehead and Mr.
Wood together, and on the 7th of June, the first train ran
through from Goldsboro' to the ocean. A most singular and
happy coincident ! Without any preconcerted arrangement
or knowledge of what each other were doing ; at the very mo-ment,
when thousands of the fair daughters and distinguished
eons of the good old North State, had assembled in the west,
around the base of a column, eager and breathless to catch
the eloquent words that fell from the lips of a patriotic citi-zen,
in praise of him to whom it was erected, we were then
engaged in the East in completing a monument to the great
projector of Railroads, more lasting than stone and more du-rable
than adamant—the cherished scheme of his life—uniting
the East and West in iron bonds and perpetual brotherhood.
But when they shall all have crumbled to dust and shall have
passed from the memory of man, then will the practical wis-dom
and sound forecast, the spotless names and glorious deeds
of a Caldwell and a Gaston, stand brighter upon the pages of
their country's history, and shine and continue to shine, and
illumine the pathway of generations yet unborn.
Since your last annual meeting, there have been serious
difficulties to encounter, in the construction of the work. Just
at the period when trade was stagnated, and the country
seemed completely paralyzed by the panic which swept over
the United States and Europe, and deranged the monetary
1858-'9.] Document No. 20. 11
affairs of the world, the bills of two of our contractors, Messrs.
Wood and Washington, for iron, fell due in New York, and
had to be paid. In preference to a general suspension of the
work and the serious loss which would have followed that
course, if pursued by the Directors, to the Company as well as
to the contractors, we concluded to make the sacrifice in the
sale of State Bonds to an amount sufficient to secure the iron
and enable us to push on the track to completion. Under the
most favorable circumstances, there would have doubtless been
some loss on the bonds, but it would have been trivial com-pared
with the loss we sustained by having to force sales at
the unpropitious time, which it was our misfortune to encoun-ter—
a time of reverses and derangements wholly unexpected
and almost without a parallel in the financial history of the
world. However, the downward tendency of State Bonds'
market a year ago, counseled the Board to order the suspen-sion
of all the work, not actually essential to the construction
of the Road.
This order was promptly carried out and has enabled us to
finish the track and equip the road sufficiently to commence
operating without embarrassment to either the company or
the contractors.
The loss sustained on $1,066,600 00, State subscription :
Discount on Bonds, $ 65,952 10
Discount on $400,000 State Loan Bonds, 50,000 00
Total loss on State Bonds, $ 115,952 10
You were informed by the Directors, in the report of the
Chief Engineer at your last annual meeting, that if "dollar
for dollar could be realized upon the State and county Bonds,
upon which the Company chiefly relies for the construction
and equipment of the road, the work could readily be execu-ted
with the means at the command of the Company. What-ever
the difference may be between the market value of the
Bonds and their par value will indicate the sum necessary to
be raised from some quarter to complete the work."
12 Document No. 20. [Session
The amount necessary to finish the entire work including
wharves, warehouses, passenger sheds, water stations, machine
shops and machinery complete, and to equip the Road, ac-cording
to the plans of the Chief Engineer, would not be as
great as the discount in the Bonds. The exact sum we are
not prepared to state. We have learned from the experience
of another year that it is absolutely impossible to calculate
with certainty the cost of any work, and that when we least
expect reverses they are nearest upon us. However, in the
cost of this road we have neither been deceived or disappoint-ed.
We stated to the Legislature of the State two years since,
in reference to its cost, if it is built as the North-Carolina
Railroad is, permanently, and of the best materials, that it
may be operated as cheaply and with as much safety, it would
cost about the same that work did—$20,000 per mile. And
we now reiterate what we then stated. To have adopted a
cheaper plan, in our opinion would have been against the best
interest of the Stockholders and the State. In its construction
and cost, the road will compare favorably with any Railroad
in North-Carolina or in the entire South.
Agreeably to the resolution passed at your last meeting, the
Directors of the Company executed a mortgage to the Gov-ernor
ot the State, and obtained the lo;m of four hundred
thousand dollars in State Bonds. In connection with this mat-ter,
it will be remembered, that although we advised the ac-ceptance
of the loan upon the terms proposed by the Assembly,
we did so under the belief that the necessary relaxation of
the restriction of the act could be obtained from the next Leg-islature.
We are still of the opinion that it would be but
right and proper for the State to either make up the loss on
the bonds or to release the Company from the interest on the
debt, to the amount of the loss we sustained.
The Legislature of North-Carolina, with a liberality and
public spirit that cannot be too highly praised, passed a law
at its last session, authorizing the payment of the 4th and last
instalment of the State's subscription to this road, previous to
the collection of the subscription of the county of Carteret.
This act was rendered necessary in consequence of the refusal
1858-'9.] Document No. 20. 13
of the magistrates of Carteret to provide for their county's
subscription. Suit was postponed with the hope that it would
be unnecessary to coerce payment. Such not being the case,
we have instituted suit against the Magistrates of Carteret, as
well as other delinquent subscribers, to the stock of the Com-pany.
We are pleased to be able to state that while a few land
owners have demanded excessive damages for the right of
way, and have resorted to legal proceedings when we were
forced to decline to pay their unjust and exorbitant demands,
we are under obligations to many others who have voluntarily
and gratuitously given the right of way to the Company. A
few cases have been compromised, and reasonable compensa-tion
allowed to those who we believed were entitled to it.
It is also gratifying to announce to you the interest mani-fested
for its success and welfare by the citizens residing along
the line of the road. They have generally been watchful for
the safety of the trains, prompt in reporting accidents to the
track, and never backward in giving aid when it was required.
In consequence of this liberality on their part, we have order-ed
the payment of stock killed on the road and every practi-cable
accommodation they have desired.
The Engineer corps has been reduced during the year from
time to time as the work diminished, and at the close of the
fiscal year, the Chief Engineer, Col. W. B. Thompson, tender-ed
his resignation which was accepted, and Maj. James Mil-ler,
Principal Assistant Engineer on the Eastern Division of
the Eoad, was appointed to fill the place. The Chief Engi-neer
is of the opinion that he will require but the aid of one
Assistant to finish up the work. That office will be abolished
at the earliest possible moment without injury to the Com-pany.
Annexed we submit a statement of the officers now in the
employ of the Company. They have generally performed
their duty and have given satisfaction.
The passenger train has been run with regularity, meeting
with no accident of importance during the year. The freight
trains from necessity have been irregular. Besides their
14 Document No. 20. [Session
freighting, they have been constantly employed in the con-struction
of the road.
The receipts of freight and passengers for the year were,
$13,847 60. But we have received no direct aid from the
earnings of the road, towards its construction, its receipts thus
far, being no more than sufficient to defray the expense of
operating it. However, under all the circumstances, the pros-pect
of business is flattering, and we believe the receipts of
the road in another year will surpass the expectations of its
most sanguine friends. On and after this day a regular pas-senger
train will be run from Morehead City to Goldsboro',
and as early as practicable, a regular daily freight train will
be put on the road. Until that can be accomplished, a freight
train will be run through as often as required to accommodate
the freight. It was the intention of the present Board of Di-rectors
to run a few freight cars with the mail train and a
passenger car with the freight train. This arrangement would
give us close connections with the Wilmington & Weldon
Road for the mail and passengers, and also with the North-
Carolina Road for passengers and freight. In a few weeks
the road will be in good order for business, and in consequence
of its substantial construction, direct alignment and easy
grades, it can be operated with safety and economy. For
nine-tenths of its length it is straight, and either level or under
ten feet grades to the mile. As for the balance of the dis^
tance the maximum grade is only twenty-six feet, therefore
the same amount of labor can be performed on this road with
lighter engines than any other road within the State. In the
purchase of machinery and the equipment of the Road, we
have encouraged that enlightened economy which must re-dound
to the prosperity and welfare of the stockholders. The
rolling stock of the Company now consists of six locomotives,
intended for either freight or passengers, one mail and bag-gage,
three passenger, two express freight, — box, — platform
and — gravel cars. Two of the locomotives have been recent-ly
purchased of Messrs. Richard Norris & Son, Philadelphia,
and are not yet in running order. But from the known rep-utation
of the builders, they will doubtless prove to be supe-
1858-'9.] Document No. 20. 15
rior machines. Some additional cars will be required during
the ensuing year, which can be obtained as the business of the
road increases. The present supply of tools for the shop will
only answer for the ordinary repairs of locomotives. But, a8
the Stationary Engine purchased by us has sufficient power to
drive all the machinery that will be required for the road,
other tools can be purchased and the carpenter shop erected,
as soon as the means of the Company will allow it.
The passenger fare is fixed at three and four-fifth cents per
mile, which corresponds with the fare of other roads in the
State.
The tariff of freight is now in the hands of a committee,
who have been constantly engaged upon it for some weeks.
It is a difficult subject, and time and experience are essential
to a proper adjustment of a rate of charges for freight over
the road.
It would be needless to give you, at this time, a full descrip-tion
of the character of the work finished on the road. You
have already been made familiar with it from the elaborate
reports of the Chief Engineer, which have been presented and
read at your annual meetings. But, it is proper for us, now,
to say, that in our orders for the suspension of portions of the
work to enable us to complete the track, we have been care-ful
not to disturb that which was essential to the durability
and traffic of the road. Hence, you have a work—if not com-plete
in all its parts—in such a state of forwardness that it can
be operated with safety, and completed without encountering
additional loss from the delay. The wharf and warehouse at
Morehead City are progressing steadily on to completion. The
piles are driven for the wharf at Carolina City, and the ware-house
is already raised. The warehouse at Goldsboro' is cov-ered
in, and will soon be finished. At Newbern, the wharf
and warehouse can be made ready for use, with the assistance
of a locomotive for a few weeks. In consequence of the ab-sence
of the Chief Engineer, the commencement of the Kins-ton
warehouse has been postponed. As soon as the plans and
estimates can be prepared by the present Chief Engineer,
they will be placed in the hands of the contractor and the
16 Document No. 20. [Session
building commenced. At an early day as will be required
by the business of the road, station-houses and additional wa-ter-
stations will be erected along the line. The machine shop
and locomotive house at Newbern are nearly completed. And,
notwithstanding they were planned on quite an economical
scale, and contracted for the sum of $21,156 20, they will an-swer
at present for repairs, and are entirely fire-proof, which
precaution might prevent an accident from fire that would
destroy every locomotive on the road, and cripple it almost
beyond recovery. They are also so arranged that either can
be extended when necessary, without interfering with the
original buildings. The carpenter shops, car shops and other
buildings have been postponed for the present. Temporary
sheds can be put up for the repair of cars and the protection
of coaches. All the foundations of the bridges and culverts
have been prepared with great care, and they are constructed
in the most substantial manner.
Without wishing to be invidious, it is but justice to mention
that much credit is due to Mr. Wm. McDowell, for the super-structure,
and Mr. Wm. Murdock, for the masonry of the
Neuse and Trent river bridges, two of the longest and most
important viaducts in the State. Those gentlemen carried
out their contracts faithfully and skilfully, and to the entire
satisfaction of the Company.
The connection at Goldsboro' with the North-Carolina Road
has only been temporarily made. In a short time the plans
will be perfected for a permanent connection, when our pas-senger
trains will run down on the east side of the Wilming-ton
and Weldon Road to the passenger shed which we will
then be compelled to enlarge, to occupy it conjointly with the
other roads.
The Committee of Finance have been busily engaged for
some days in over-hauling and thoroughly examining all the
books and papers of the Company, and are now prepared to
lay the result of their labors before you.
For more minute information of the financial affairs of your
Company, you are referred to the annexed report of the Treas-urer.
All of which is respectfully submitted,
JOHN D. WHITFORD, President,
!8'58-'9.] Document No. 20. IT
LIST OF OFFICERS
And employees of the Atlantic and North- Carolina Railroad.
May 1, 1858.
SALARY.
John D. Whitford, President, $2,000
"Win, B. Thompson, Chief Engineer, 3,000
D. S. Willis, Secretary and Treasurer, 1,000
EASTERN DIVISION.
James Miller, Principal Assistant Engineer, 2,000
Thos. Allen, Assistant, 600
WESTERN DIVISION.
Benj. D. Frost, Principal Assistant Engineer, 1,825
F. T. Hawks, Assistant, 1,200
H. Y. Richardson, Assistant, 600
Henry L. Brown, Master Machinist, 1,250
O. H. Savage, Road Master, 1,000
CONDUCTORS.
Denard Hancock, (Passenger,) 600
C. D. Jones, (Passenger,) 600
Will. B. Lane, (Freight,) 600
LOCOMOTIVE ENGINEERS.
John E. Earl 900
M. H. Huston, 900
AGENTS.
Wm. P. Metts, Newbern, 500
J. G-. Parker, Goldsboro', 400
Doc. No. 20.] 2
18 Document No. 20. [Session
CHIEF ENGINEER'S REPORT.
To the President and Directors of the
Atlantic <& North- Carolina Railroad Company
:
Gentlemen: Circumstances of a peculiar nature, and over
which I could have no control—without entirely disregarding
considerations involving interests of considerable magnitude
—have operated to prevent my presenting the Fourth Annu-al
Report of the Engineer's Department in time for the annu-al
meeting of the stockholders, which will be more fully allu-ded
to below. I regret that this should have been the case,
but I trust that it will not be attended with any inconvenience
to the Board of Directors, as I understand that everything
passed off to the satisfaction of the stockholders, from the facts
presented by the President of the Company, as well as by
the Treasurer.
From repeated reports and statements heretofore made to
the Board, the character of the road and its structures have
been fully dwelt upon, and nothing more is necessary here
than to state briefly the present condition of the work.
In presenting this report, permit me to indulge in the belief
that your expectations from the construction of this work may
be fully realized, and that the State at large, the counties upon
the line of the Road, and other stockholders may reap the
full reward of their subscriptions to the stock, if not in an im-mediate
per cent, upon their investments, at least, upon the
increased aggregate wealth created in many ways, and neces-sarily
growing out of the construction of this important work,
which must, in all time to come, be felt by the section of coun-try
directly traversed by it
:
1858-'9.] Document !No. 20.
STATEMENT
Of value of work performed and materials delivered on Wes-tern
Division of the A. <& JV. C. Railroad. Also, amount
required to complete, and total cost as per estimate. June 1,
1858.
WORKS.
Graduation,
Culverts and Cattle
Guards,
Bridges,
Superstructure, . .
.
Neuse River Viaduct,
Engineering and Su-perintendence,
.
Two Car Houses, .
Four "Ware Houses,
Eight Water Stations,
Land Damages on line
" at Goldsboro'
Turn-table at "
Turn-outs and Water
Stations at Goldsbo
ro'
Station buildings and
fixtures,
Turn-outs on J. C
"Washington's
tract,
con-
Value of
work to June
1, 1858.
$ 99,035 69
24,939 21
23,347 10
457,508 53
58,549 99
19,372 53
502 63
935 55
1,153 45
7,300 00
5,182 00
Required
to
complete.
Total Cost.
$697,826 68|$ 103,630 32$ 801,457 00
$104,345 00
64,624 00
22,445 00
458,723 00
49,892 00
31,200 00
2,500 00
8,500 00
8,800 00
10,000 00
8,500 00
2,600 00
9,000 00
12,500 00
7,828 00
20 Document No. 20.
STATEMENT
9essioii
Of value of materials delivered and ivork performed on the
Eastern Division of the A. & N. O. Railroad, including
amount required to complete and total cost as per estimates
returned. June 1st. 1858.
WORKS.
\ alue of It, • i -
i , T Kequired to work to June ^ *, ,
1, 1858.
ComPlete-
Graduation, . . .
Culverts,
Bridges,
Superstructure, . . .
Cattle Guards, ....
Eoad Crossings, . .
.
New-Berne Wharf
& Warehouse, .
Engine House and
Machine Shop, .
.
Water Stations, . .
Warehouses,
Sheppard's Pt. wh'rf
& Warehouse,
" Car House, .
" Eugi'e Shed,
" Turn Outs, .
Engineering & Su-perintendance,
. .
New-Berne Carpen
ter Shop, . .
.
" Pas'ng'r shed,
" Turn Outs, .
.
Superstructure on
Hancock St., . .
.
Land damag's, New
Berne, . . .
" On Line, .
Ware House, &c,
Carolina City, .
.
Shepard's Pt. Turn
Table
$ 109,617 14!$ 49,420 35
15,851 91
125,797 58
46S,040 51
369 00
426 67
18,244 14
23,057 68
9S1 05
26,360 36
675 97
19,420 53
828 93
2,136 92
1,431 75
8,000 00
18,000 00
5,821 45
2,406 04
Total.
26,037 24
36,029 79
16,480 20
4,157 97
1,318 12
1,755 86
4,542 a
3,418 95
2,200 00
3,639 64
1,200 00
3,324 03
4,500 00
7,579 47
4,171 07
7,863 08
7,16S 25
4,178 55
7,593 96
2,600 00
$ 847,467 63 $199,178 85 $1,046,646 48
159,037 49
41,889 15
161,827 37
484,520 71
4,526 97
1,744 79
20,000 00
27,600 00
4,400 00
2,200 00
30,000 00
1,200 00
4,000 00
4,500 00
27,000 00
5,000 00
10,000 00
8,600 00
S,000 00
18,000 00
10,000 00
10,000 00
2,600 00
1858^9.] Document No. 20. 21
GENERAL STATEMENT
Of material delivered, and work performed, amount required
to complete and total cost of the Atlantic & North- Carolina
Railroad. June 1, 185S.
WORKS.
Value of ma-terials,
&c,
June 1,1858.
Required to
complete.
Total.
Eastern Division as
per statement, . . .
Western Division as
per statement, . .
.
Rolling stock and
contingencies, . .
$817,-167 63
697,826 68
$199,178 85
103,630 32
$1,016,616 48
801,157 00
151,896 52
$2,000,000 00
To W. B. Thompson, Chief Engineer
of the A. &. N. C. R. R. Company
:
STATEMENT
Of the progress of the work on the Eastern Division of th.
Atlantic & North Carolina Railroad. June 1, 1858 :
Graduation.—The graduation of this division is completed,
except from Calico Creek Slue to the Wharf at Beaufort Har-bor
; the filling in of the trestle work temporarily used for
passing the trains over the culverts during their construction ;
the backing up the Bridge abutments and the raising of the
Western approach to the Trent River Bridge, which last men-tioned
work has been assumed by the Company.
Culverts.—All the important culverts are now completed :
there only remains yet to be constructed open culverts of not
great height, and requiring comparatively, with those now
finished, but little material and labor to complete.
Bridges.—The foundations and superstructure of all the
Bridges are so far completed as to admit of trains passing over
22 Document No. 20. [Session
them. The parapets of the abutments require yet to be
constructed ; some of the smaller bridges require painting
;
the tinning of the Newport Bridge is now being put in place,
and some few of the irons for the swing require adjustment.
Sv/perstrnct/u/re.—The track is laid on this division with the
exception of that portion from Calico Creek Slue to Newport
Channel, distance about two thousand (2000) feet and turn-outs.
Wharves and Ware Houses.—The Wharf and Ware House
at Newbern is completed.
The Wharf at Newport River is ready to receive the dock-ing
with the exception of sinking three (3) cast iron piles, and
placing the caps and forty one (41) piles—the work of about
one week—when the iron arrives. The Bill of Timber and
the plan for the Ware House to be constructed on this wharf,
have been in the hands of the Contractor since August 7th
1S56, and it is hoped there will be no delay in completing the
same as soon as the Wharf is ready to receive it.
The Ware House at Carolina City will be completed and
ready to receive freight during the month of July. The Wharf
at this place, together with the work connecting the same
with land, is in progress; and strenuous efforts will be made
to complete it by the 1st of August
Engine House and Machine Snop.—This Building is com-pleted
with the exception of the stationary Engine Shop, Cu-pola
and Core oven, which could not be completed uutil the
arrival of the machinery, which is now being received.
Cariyenter Shops.—All the lumber for this building has been
procured.
Water Stations.—In addition to the stations at Newbern
and Morehead City, one has been commenced at Lucknow
and will be ready for use in July.
JAMES MILLER,
Prin. Assist. Engineer.
May 31st, 1838.
185S-'9.] Document Ko. 20. 23
To W. B. Thompson, Chief Engineer
of the A. &. jy. C. Railroad.
STATEMENT
Of the progress of the work on the Western Division of the
A. & N. C. Railroad up to Jvne 1, 1858
:
Main track completed for full distance.
Siding track at Moseley Hall completed. Grading for the
other side tracks are completed, and Iron delivered for same.
A portion of the side tracks (or turn-outs) at Goldsboro'
laid down.
Bridge at Falling Creek completed.
Masonry at Bear Creek Bridge nearly completed and ready
for superstructure.
Masonry of Stoney Creek Bridge commenced.
Bridge superstructure of Bear and Stoney Creek Bridges
framed, and ready to be raised. A force has commenced rais-ing
Bear Creek Bridge.
Culverts and cattle-guards up to section 38 nearly com-plete.
Thence to Goldsboro' one half done.
Neuse River viaduct complete.
Ware House at Goldsboro'—walls complete, and roof trus-ses
framed and in place.
"Water Station at South West Siding—well dug and tank set
up.
A Water Station, temporary engine shed, and temporary
Ware House built at Kinston.
B. D. FROST,
Prin. Assist. Engineer.
From the above tables and the reports of the Principal As-sistant
Engineers of the Eastern and Western Divisions of the
Road, Mr. Miller and Mr. Frost, a full understanding of the
condition of the work can be obtained—having regard to the
estimate of the cost of the road, heretofore submitted to the
President and Directors.
The work, however, during its construction, has been chang-
24 Document No. 20. [Session
ed to some extent, and the plans varied with a view to econ-omy,
so as to reduce in some degree the cost of building the
road. From which causes I find, upon an examination of the
probable cost of the work yet remaining to be done, that in
round numbers ($200,000) two hundred thousand dollars, pro-perly
expended, will be quite sufficient to complete the road
in full—instead of ($302,808) three hundred and two thousand
eight hundred and eight dollars, as indicated by the tables,
which, as I before remarked, have reference to the original
estimate of the work, which states the probable cost at $2,000-
000.
I will here remark that the column in the tables showing
the amount of the work done in dollars and cents, is compiled
from the regular monthly estimates of the work as executed,
and materials furnished* by the contractors, and therefore ex-hibits
the cost of construction thus far to be paid for.
The amount paid for rolling stock I have not been able to
obtain, but believe that the amount, $151,896 52, as stated in
the estimate, will be found to be amply sufficient.
I must again call the attention of the Board to the necessity
of covering in and roofing the Trent River viaduct. In its
present condition it will not last exceeding seven years, whe-reas,
if covered in, it will be good for an indefinite period. I
stated in a former report to the Board, that there yet remain-ed
unexpended from the estimate for that work $15,000, and
that it would requite about $10,000 of that sum to roof and
side it.
I desire to say a few words personal to myself in connection
with the work, when I will conclude. In December last I
was offered the appointment of Chief Engineer of the Virgin-ia
& Kentucky Railroad Company, and being persuaded at
that time that your Road would be very nearly finished by
the 1st of June thence ensuing, I did not feel myself at liber-ty,
in consideration of my duties to my family, to decline the
appointment, especially as it was understood with that Com-pany
that it would only be necessary to visit their work occa-sionally,
until the completion of your road. You were dispo-sed
to take a liberal view of the question, when I submitted
1858-'9.] Document No. 20. 25
it to you, and sanctioned my occasional visits to Virginia.
—
From information received on the 1st of May last, from Vir-ginia,
I was obliged to leave for that State on the 5th of May,
on which day I wrote to the President informing him of that
fact. I fully expected to return in two or three weeks, but
found it impossible from the pressing and urgent nature of
the business upon that Koad, to return to Newborn in time
for the stockholder's meeting, and wrote to the President on
the 5th of June,. In the meantime, I sent in my resignation,
as follows, which was read to the board on the loth of May :
To the President and Directors of the
Atlantic & North Carolina Railroad Company :
Gentlemen : The period being near at hand when the track
of the Poad will be finished throughout the entire line, as well
as most of the principle structures upon it, I herewith tender
my resignation as Chief Engineer of the A. & 1ST. C. P. P.
Co., to take effect on the 1st of June next.
In thus severing my connection with the work, I must be
allowed to say that I have had but one object in view from
the beginning, and that has been to construct a first class road,
so far as the materials at command would admit. Whether
it has been done, the work itself will show. With the ordi-nary
attentions and precautions to the bridges upon the line
—such as protecting them from the weather, and guarding
against fire—they will last for an indefinite period ; and when
your road-bed becomes consolidated, the expense per mile of
keeping up your Poad must be comparatively small.
It affords me peculiar satisfaction to be able to say that my
intercourse with the Board since the commencement of the
Poad, and during the trials, and occasionally the trouble from
which this Road has not been exempt, has been of an agreeable
nature, and that I shall always refer to it with pleasure and grat-ification.
As there are a few of the principal structures upon
the Poad not yet finished, and among them the screw-pile
wharf at Sheppard's Point—a new character of work for
which I am wholly responsible, any failure in which would
26 Document No. 20. [Session
injure me personally—I would respectfully suggest to the
Board that I be retained as consulting Engineer until the
completion of this and other works, with a nominal compen-sation,
or none at all, as the Board may please. This arrange-ment
would also enable me to close up the main contracts up-on
the Road, which can probably be done more satisfactorily
to all parties by me than others.
Very Respectfully,
W. BEVERHOUT THOMPSON,
Chief Engineer.
April 21st, 185S.
All of which is respectfully submitted by
W. BEVERHOUT THOMPSON,
Chief Engineer.
June 1st, 1858.
1858-'9.] Document No. 20. 27
REPORT OF THE AUDITING COMMITTEE.
To the Stockholders of the
Atlantic and North-Carolina Railroad Company
:
Gentlemen: The undersigned, Auditing Committee, ap-pointed
at your last annual meeting, beg leave to present the
accompanying statement, showing the receipts and disburse-ments
of the Treasurer, for the eleven months last past, end-ing
with the 31st day of May, 1858, at which time, by a reso-lution
passed at your last meeting, the fiscal year is made to
terminate.
They find the charges to be sustained by proper vouchers,
and report a balance in hand at the time above specified, of
one hundred and ninety-four thousand nine hundred and sev-enty-
four dollars and nineteen cents, ($194,924 19,) consisting
of cash, bills receivable, State, Lenoir and Craven County
bonds and claims against the town of Newbern.
Respectfully submitted,
I. DISSOSWAY, ) WM. G. SINGLETON, \ Com.
JAS. W. CARMER, )
Newbern, June 1st, 1858.
2S Document No. 20. [Session
STATEMENT OF THE
Of the Atlantic and North- Carolina Railroad Company,
Construction account to July 1st, 185 V,
1858. Track Laying,
June 1, Road Crossings,
Land Damages,
General Administration and Incidentals, .
Office Expenses,
Engineering and Superintendence,
Iron Rails,
Water Stations,
Sheppard's Point Wharf and Warehouse,
Locomotives,
Exchange,
Trent River Bridge,
Machine Shops and Engine House,
Graduation,
Cattle Guards and Fencing,
Culverts,
Neuse River and other Bridges,
Superstructure,
Discount on State Bonds,
Cross Ties,
New-Berne Wharf and Warehouse,
Right of Way,
Tools and Machinery,
Passenger and other Cars,
Goldsboro' Warehouse,
Loss on Craven County Bonds,
Temporary Turn Table,
Carolina City contract,
Hancock Street,
Watchmen,
New-Berne Carpenter Shop,
Total cost of construction, to June 1st,
1858,
Superstructure on hand,
Transportation expenses to June 1, 1858,
Stock materials,
AV'ood and Coal,
' Hi and Waste,
Balance receivable mostly chargeable to
Construction,
( 'ash, State Bonds and Bills Receivable re-maining
on hand,
Total
61,445
1,889
1,050
11,287
2V0
9,841
142,754
2,408
21,208
18,358
30
43,876
13,532
47,292
1,316
21,561
93,976
22,469
93,972
53,751
V,284
100
3,64V
22,786
4,145
1,850
400
1,823
2,485
351
261
i 9,060
11,810
856
380
314
250,820
194,9V4
.847,394 81
707,424 80
2,023,036 07
1858-'9.] Document No. 20. 29
FINANCE COMMITTEE
from the 1st of July, 1857, to the 1st of July, 1858.
1858. Total Receipts from Stock to July 1, 1857,
June 1, Transportation account to July 1, 1857,
Receipts from stock to June 1st, 1858, . .
Transportation receipts to June 1st, 1858,
Received for tents, &c, used on survey, .
Received for rent of house and lot on South
Front St.,
Balances and bills payable,
Loan from State in bonds,
Total, ..
By Cash, Bills Receivable and available
Bonds remaining on hand
1,274,924
2,369
272,352
13,847
132
14
58,395
400,000
2,023,036
$194,974

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I
Doc. No. 20 ] [Ses. 1858- '9.
Ordered to be Printed.
Holden & Wilson , Printers to the State
FOURTH ANNUAL MEETING OF THE STOCKHOL-DERS
OF THE ATLANTIC & NORTH-CAROLINA.
RAILROAD COMPANY.
Pursuant to resolution of the last annual meeting, and in
accordance with published notice, the stockholders of the At-lantic
& North-Carolina Railroad Company met in the Court-house,
in the town of Newbern, on Thursday, the 24th day of
June, 1858.
The meeting was called to order by Mr. Council Wooten,
and on his motion, the Hon. M. E. Manly was called to the
Chair.
On motion of J. D. Planner, Emmet Cuthbert and George
Washington were appointed Secretaries.
On motion of J. C. Wooten,
Resolved, That a committee of three he appointed by the Chair, to ascer-tain
the number of shares represented.
J. C. Wooten, J. M. Morehead and W. K. Lane were ap-pointed
such committee, who, after due examination, reported
that there were 15,236 shares of stock represented, of which
2,301 shares were represented in person, and 12,935 by proxy,
and that there were more than ten stockholders present. Gov-ernor
Bragg was present in the meeting, and represented the
State.
The meeting was thereupon declared duly organized and
ready to proceed to business.
i2 Document No. 20. [Session
On motion of J. M. Morehead, the same committee was in-structed
to scale the votes, and ascertain and report the num-ber
of votes to which each stockholder present was entitled
under the amended charter.
Moved by E. R. Stanly, that the officers of the Company
make their reports ; whereupon, it was stated by the Presi-dent
that in consequence of the resignation and absence of
the Engineer in Chief, there would probably be no report
submitted from him at this meeting ; but that it was hoped
that his report might be obtained at an early period, and in
time for publication.*
By request, the Report of the President of the Company
was then read by one of the Secretaries.
On motion of Dr. M. F. Arendell,the meeting then adjourn-ed
to 3 o'clock, P. M.
AFTERNOON SESSION.
At 3 o'clock the stockholders met according to adjournment,
and the meeting was called to order by the Chairman.
The Report of the Finance Committee was then read by I.
Dissosway, the Chairman of the Committee.
On motion of Governor Bragg, both the reports of the Pre-sident
and Finance Committee was laid on the table tempo-rarily,
on account of the absence of certain stockholders large-ly
interested.
After the reading of the Report of the Committee of Fi-nance,
and while the meeting was awaiting the report of the
Committee instructed to scale and report the number of votes
to which the different members were entitled, the President,
Mr. John D. Whitford, intimated that he, and perhaps the
meeting, would be happy to hear some expression of opinion
from Governor Bragg, who was present representing the State,
a* to the management and condition of the road, and the af-fairs
of the Company.
This fctepon na3 since been received, und will be found in its place.
1858-'9.] Document No. 20. 3
In response, (to Mr. Whitford's intimation,) the Governor
stated that he had heard complaints as to the management of
the affairs of the Company, and especially as to the cost of the
Road, and had taken occasion to enquire somewhat into these
matters. It was true, his opportunities had not been as good
as he could have wished, but he would state that the officers
of the Company had invited him to make a full examination
of the books and accounts, and had offered to him every fa-cility
for doing so, and for obtaining the fullest information in
regard to its affairs.
After enquiring as to many matters touching the affairs of
the Company, and explanations from the officers as well as
the Finance Committee, who were present, he was satisfied
that the charges which had been made were unfounded.
It was true, that the cost of constructing the road would
reach an amount considerably in excess of the capital stock of
the Company, and also of the sum for which it was originally
estimated it could be done. But when it was remembered
that the work was carried on at a time when labor and mate-rials
were at. the very highest prices—prices, he would venture
to say, above those adopted in the estimates—and when it is
also remembered that the larger portion of the means of the
company was in State and other bonds, which could not be
sold at pa?1
, it will readily appear why the Road has exceeded
the original estimate of its cost.
Again, the Company was compelled to take the loan of
State bonds, authorized by the last Legislature, though the
terms of the loan were pretty hard, or stop the work. These
bonds, at the time, were below par. Heavy liabilities were
incurred, payable in New York, for iron, and they matured
during the worst part of the late financial storm which swept
over the country. It is well known that northern funds could
not be obtained, except in small amounts, at any price ; and
the company was compelled to sell the bonds in New York,
and raise the amount at a heavy sacrifice, or to break its word
of honor and its sacred engagements. It submitted to the loss
of the money. He trusted that the time would never come
when North-Carolinians would hesitate what to do, when
4- Document ISo. 20. [Session
money was^ in one scale, and honor and plighted faith in the
other.
The Governor further said that it was with much regret that
he saw a want of harmony of feeling between communities
more immediately interested in the Road. Such a state of
things was viewed with surprise in other sections of the State,
where this was regarded as a great State work, the beneficial
effects of which would be shared by all. It was natural that
every community should desire its own success in preference
to that of others, but he hoped that all sectional jealousies and
strife would give place to better feelings. He was sure, if
they would act together and in harmony, they would not only
secure the success of the work, but promote their own inter-ests.
Some remarks were also made by Ex-Gov. Morehead, on
the same subject, to the effect that there had been a very
general mistake as to the capital of the company being limi-ted
to $1,600,000. He insisted, and showed from the charter,
that the capital of the company had not been limited ; nor had
the Legislature, at the time the charter was granted, contem-plated
that the Road would be completed for $1,600,000 ; but,
on the contrary, had expressly provided in the 2d section of
i; Amendments," to the charter—"That the said company at
any time, may increase its capital to a sum sufficient to com-plete
said road, by opening books for new stock," &c. Such
was the provision of the 2d section, after the first section had
enacted that " the capital stock of said Atlantic and North-
Carolina Railroad Company shall be sixteen hundred thousand
dollars." The Ex-Governor also remarked upon the peculiar
character and stringency of the financial crisis through which
the construction of the road had to be carried on, and which
had been done with but comparatively little hindrance, and
no failure on the part of the Company to meet its engage-ments.
He remarked also upon the utter impossibility of ne-gotiating
the bonds without heavy sacrifice, &c.
The President also made some remarks explanatory of the
same subject, showing the great fluctuations in the price of ma-terials,
secretaries.
(tEO. Washington, )
1858-'9.]' Document No. 20.
PRESIDENT'S REPORT.
Gentlemen : In submitting their fourth annual report, the
Board of Directors take pleasure in congratulating you upon
the completion of the track, from the Western terminus of the
Road at Goldsboro', to the Eastern terminus, at the City of
Morehead, on the Harbor of Beaufort.
During the past year, the work has been pressed forward
as expeditiously as the interest of the company would justify.
Early in January last the construction train, passed over the
Bridge at Neuse River, and on the 8th day of the same month,
the connection was made between the tracks of Messrs. Stan-ly
and Washington, and a passenger train ran through to
Kinston. The track was then laid with great rapidity toMose-ley
Hall, and the train on the 17th day of February, reached
that place. In anticipation of the event, notice had been
given that an Excursion train would leave Newbern and Kin-ston,
to accommodate those who wished to participate in the
celebration of the completion of the Road to that point ; and
not withstanding the inclemency of the day, several hundred
of our citizens along the line, availed themselves of the oppor-tunity
thus afforded of meeting the citizens of Mosely Hall,
and of partaking of their hospitality. After a hearty repast,
they left that thriving little village, highly gratified and pleas-ed
with the ride, and the liberal and courteous manner in
which they had been entertained. On the 20th day of April,
the Road was opened to Goldsboro'. The inhabitants of the
town of Newbern, who had been looking forward to the day,
when they should chronicle the first arrival of a train with
passengers and freight by rail from the West, announced to
the public, that the celebration in honor of the opening of the
Western division of the Atlantic & North Carolina Railroad,
would be held in that place, and a general invitation was ex-tended
to the citizens of the State, to participate with them
4-i>n n/.f.(i